The benefits of downsizing your home

Moving from a family home into a leasehold or rented retirement property for those over 55 can be daunting, but downsizing to a purpose-built home or apartment can have a range of advantages.

If you no longer need some of the space you have, downsizing means you can release capital and have more money to enjoy living in later life. Added to this, it’s a great way to reduce utility bills, council tax and the cost of maintaining a larger property.

Perhaps most importantly, moving and becoming part of a community offers more opportunities to make friends, socialise and have the peace of mind that help is there should you need it. 

Downsizing tips guide

Our Designing for Downsizing guide was created in partnership with Emma Gurner, founder of interior design firm Folds Inside. Inside you will find 10 useful tips and tricks on how to downsize and retain the character of your familiar family home.

Download our Designing for Downsizing guide

What does downsizing mean?

When people talk about downsizing a house they are referring to moving from a larger residence to a smaller one. Also sometimes called “rightsizing”, the process typically involves selling or renting out a larger home and relocating to a smaller, more manageable property.

What type of property do people move into when downsizing? 

There are various types of properties you can consider when downsizing. For example, you might choose a bungalow for better accessibility, opt for a flat to lower your expenses on bills and maintenance, or simply move to a smaller house with a more manageable garden and fewer bedrooms once children have left home.

At Anchor our properties for over 55’s come in all shapes and sizes, with both rented and leasehold properties available to suit all kinds of needs. 

When is the best time to downsize your house?

People choose to downsize for various reasons. For some, it might be due to a feeling of having an “empty nest” after children move out or a realisation that their current house requires too much upkeep. Others might downsize due to changes in personal circumstance such as divorce, new accessibility issues, or the loss of a loved one.

You can downsize at any time, but it's important to do some research beforehand. Consider where you want to live, and what type of property would suit your needs, and realistically assess how much furniture and belongings you own.

Many people plan to downsize eventually but are often surprised by how much they've accumulated over the years. As soon as you start thinking about moving, it's a good idea to begin deciding what you want to keep. Anything that can be discarded or donated should be dealt with before you put your home on the market. 

Downsizing costs for homeowners

If you own your current property, you must consider not only the costs of purchasing a new home but also the expenses involved in selling your current one. These costs can include conveyancing, which covers legal fees and disbursements, removal costs, a deposit, Stamp Duty, estate agent fees, and mortgage lender fees.

It's important to thoroughly research and prepare for any additional costs that may arise during the moving process.

Advantages of downsizing

Downsizing has a host of advantages if you are selling your home and looking to move into one of our leasehold properties or rented apartments. 

Downsizing house to save money

Choosing to downsize and releasing capital can enable a significant lifestyle change and offer the opportunity to reduce your outgoings on utility bills, council tax, repairs and maintenance which can offer peace of mind, given the rising costs of these items. Additionally, options like Older Person's Shared Ownership allows individuals over 55 to purchase a share of a property and pay rent on the remaining share, offering an affordable way to own a home.

Practical benefits

In addition, there are the practical benefits of downsizing your home and moving to a smaller property. Properties designed for those over 55 are easier to manage and maintain, particularly should your degree of mobility start to lessen.

If you currently rent a property or are living with family, then moving into one of Anchor’s rented apartments for the over 55s could be the ideal solution for you. 

Property maintenance

Whether you choose to buy or rent through Anchor, you can continue to enjoy your independence in our purpose-built studios, bungalows and apartments with none of the worries of repairs and maintenance. And for that extra peace of mind, there is an on-site manager and 24 hour emergency assistance.

Building a community

Many people find that downsizing to a retirement apartment can also offer them a warm and friendly community of new people. Anchor’s properties have a range of communal facilities such as lounges and kitchens, handy for entertaining guests or celebrating special occasions. Other shared facilities can include gardens, conservatories, a laundry to free up space in your kitchen and in many locations, a guest room for overnight visitors. Anchor is also pet friendly so you don’t have to say goodbye to your loyal companion when you downsize - they can move in too.

Thinking of downsizing your house? Anchor can help

To speak to someone about Anchor’s services and for help deciding which of our housing or care home options best suit you, please contact us.